Lam Research Corp

Company facts

Industry

Special Industry Machinery, NEC

Headquarters

Fremont, California

Most recent report

8-K, filed Nov 5, 2026

Incorporated

Delaware

Filings on record

1,000+ filings

On EDGAR

CIK 707549

Fiscal year ends

June

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 3 of 13 sections worth reading, with 2 positive, 3 notable, and 3 negative flags.

• Management's Discussion (Item 2)

  Strong revenue and cash flow growth; key shifts in China and memory mix.
  Positive

  • Operating cash flow doubled to $3.50B in Q1 FY2027, from $1.78B a year ago.
  Notable

  • Deferred revenue rose to $2.66B at end of Q1 FY2027, up from $2.43B last quarter, signaling future revenue.

• Risk Factors (Item 1A)

  Contains company-specific quantified risks: China revenue share, export controls, PFAS, and debt covenants.
  Notable

  • Non-U.S. sales were 92% of total revenue in Q1 2027, exposing Lam to geopolitical and currency risks.
  Negative

  • Chinese export controls on rare earth elements could disrupt supply of critical materials for Lam's products.
  • China revenue was 35% of total in Q1 2027, down from 34% in FY2026 and FY2025, but still a major concentration.
  • U.S. export license requirements have limited sales to China and may expand, weakening Lam's competitive position.

• Unregistered Sales and Repurchases (Item 2)

  New $10B buyback authorization and $1B ASR execution with share counts.
  Positive

  • New $10.0B buyback authorization in May 2024 supplements prior balance, no termination date.
  Notable

  • Entered $1.0B ASR in Q1 FY2027; initial delivery of ~2.3M shares, final settlement expected by Dec 27, 2026.

What changed: Sep 2026 vs. Mar 2026

About 13% of LRCX's Sep 2026 10-Q is new information. 49 paragraphs were added, 138 changed, and 54 removed. Below are the most important lines SECSift identified.

• Item 1A 70
• Item 2 43
• Item 1 23
• Item 4 2
• Item 3 1
• Item 5 1
• Item 6 1